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the interest payment date next preceding the date of authentication hereof to which interest shall have been paid, unless such date of authentication is an interest payment date, in which case from such interest payment date if interest shall have been paid to such date, or unless such date of authentication is within the period from the sixteenth (16th) day to the last day of the calendar month next preceding the following interest payment date, in which case from such following interest payment date. Such interest is payable by check or draft mailed by the Registrar hereinafter mentioned to the Registered Owner hereof at his address as it appears on such books of registry kept by the Registrar as of the close of business on the fifteenth (15th) day (whether or not a business day) of the calendar month next preceding each interest payment date. The principal of and premium, if any, on this Bond are payable on presentation and surrender hereof at the office of the Deputy .City Manager for Finance of the City of Portsmouth, Virginia, as Registrar, in the City of Portsmouth, Virginia. The principal of and premium, if any, and interest on this Bond are payable in such coin or currency of the United States of America as at the respective dates of payment is legal tender for public and private debts. This Bond is one of an issue of Bonds aggregating $13,000,000.00 in principal amount and issued for the purpose of providing funds to pay the costs of capital improvements, extensions and additions to the revenue-producing water and sewerage system of the City, under and pursuant to and in full compliance with the Constitution and statutes of the Commonwealth of Virginia, including Article VII, Section 10(a) (2), of the Constitution of Virginia, Chapter 5.1 of Title 15.1 of the Code of Virginia, 1950 (the same being the Public Finance Act of 1991), and the Charter of the City, proceedings of the Council of the City duly adopted and taken under such Chapter 5.1 and such Charter, and an election of the qualified voters of the City duly held pursuant to such Chapter 5.1 on November 8, 1994. The Bonds of the series of which this Bond is one (or portions of the principal amount thereof in installments of $5,000.00) maturing on and after August 1, 2007 are subject to redemption at the option of the City prior to their stated maturities on or after August 1, 2006, in whole or in part at any time on any date, in such order as shall be determined by the City (except that if at any time less than all of Bonds of a given maturity are called for redemption, the particular Bonds or portions thereof in installments of $5,000.00 of such maturity to be redeemed shall be selected by lot), upon payment of the upon payment of the following redemption prices (expressed as a 17